Perpetual Futures
Traditional futures contracts have a fixed expiry date and settle at that date. To maintain continuous exposure, traders must "roll" — close the expiring contract and open a new one in a later month. Perpetuals eliminate the roll: there is no expiry, just continuous trading and periodic funding payments to anchor price to spot.
Perpetual futures were popularized by BitMEX in 2016 and are now the dominant trading vehicle in crypto, accounting for the majority of daily volume. They support high leverage (up to 50x on most venues, 100x+ on some) and trade 24/7 unlike traditional futures markets.
Hyperliquid is a decentralized perpetual futures exchange built on its own L1 blockchain. It offers Binance-grade execution speed with on-chain settlement, native vault yields (HLP), and a builder-code system that lets third parties (like PerpLog) add execution fees on top of base venue fees.
Related reading
- Understanding Funding Rates on Hyperliquid — Blog
- Hyperliquid Trading Fees Explained: How to Minimize Costs — Blog
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